The Latest

The establishment of a climate risk division at the New York State Department of Financial Services is the latest in a series of moves by state and federal banking agencies aimed at requiring regulated companies to reckon with the impacts of global warming.

Acting Comptroller of the Currency Michael Hsu previewed but provided little detail about the “high-level … supervisory expectations” for large institutions. His statement was one of several by regulators to coincide with an international climate change summit.

The Burlington-based institution has extended its charter to provide services to all counties in Vermont.

Amid a spate of deals in 2021, community banks are actively recruiting from merging rivals that are focused on closing and integrating acquisitions.

New York and other states have been far ahead of federal policymakers when it comes to crafting a supervisory structure for cryptocurrencies. The recent White House report on stablecoins ignored their work, and that was a mistake.

The bank-backed peer-to-peer payment network enables Allstate to offer quick payouts to policyholders, and it is working to provide a similar service to other insurance companies.

The White House's latest budget proposal slashes funding for a program that would allow the Small Business Administration to make direct 7(a) loans. Lenders say the idea is still misguided.

A report by the agency found that consumers in majority Black neighborhoods were more than twice as likely as those in white neighborhoods to lodge complaints with the credit bureaus over information in their files. Meanwhile, disputes were less common among older borrowers.

A partisan split at a congressional hearing offered a preview of coming regulatory debates over the nascent sector. One key question is whether the consumer bureau will impose ability-to-repay requirements on installment lenders.

The establishment of the Office of Minority and Community Development Banking comes less than two months after the agency created an investment fund to match private investors with minority-owned banks and community development financial institutions.